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Proactive news summary: Ariana, Allergy Therapeutics, Epistem, Instem, IOG, Kibo, Metal Tiger ...

Published: 17:17 13 Jan 2016 GMT

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While many of us have already broken our New Year resolutions, Ariana Resources (LON:AAU) has told investors that it starts 2016 with great confidence.

The mine developer, in an open letter to shareholders, highlighted that it achieved all its key targets in 2015, and it remains on track for its maiden gold pour in the second half of the coming year.

Sector peer Xtract Resources (LON:XTR) expects to re-start ore processing at its Chepica gold mine in Chile by 20 January following an investigation into the death of two employees at the site.

Chile’s Inspector of Mines recommended a number of changes, which had now been carried out, said the company.

Kibo Mining (LON:KIBO) has been issued with three new licences in Tanzania next to its Rukwa coal deposit.

Rukwa is the fuel source for a proposed 350Mw thermal power station development at Mbeya and the three new licences are immediately north, south and east.

In the short term, they will further enhance the bankable feasibility study and subsequent development of the project as well as providing longer term exploration potential.

In other African news, investment company Metal Tiger (LON:MTR) has built a 4.92% stake in MOD Resources, the company's joint venture (JV) partner in Botswana.

It invested A$350,000 at a price of 0.6 cents per share to acquire 58.33mln shares.

Tungsten and lithium group Premier African Minerals (LON:PREM) has received £232,000 from a direct subscription for new shares.

The funds will fund the ongoing underground mining development and working capital requirements at the RHA tungsten mine development in Zimbabwe, in which it has a 49% stake.

In the energy sector, Range Resources (LON:RRL) has received approval to go ahead with the Beach Marcelle water-flood project, onshore Trinidad.

It is going to be the largest water-flood project to be undertaken in recent times in Trinidad, and it is expected to be a major contributor to the company’s growth, Range said.

Some 14.7mln barrels of Range’s proven reserves are hosted at the project.

Independent Oil and Gas (LON:IOG) shares gave back a large chunk of recent gains on Wednesday as the pivotal Skipper appraisal project, in the North Sea, was temporarily put on hold.

The company told investors that the Skipper well would be delayed until there is greater stability and clarity in the oil market.

Instem (LON:INS), which provides the software used by drug developers, provided a upbeat assessment of current trading trends.

Revenues for the year ended December were up £2.4mln and ahead of expectations at £15.8mln. Its cash position (it has around £2.1mln in the bank) is also ahead of current market estimates.

In the drugs sector, Allergy Therapeutics (LON:AGY) said it is gaining market share in all of its major European territories as it gave an upbeat assessment of current trading.

It expects revenues to be in the order of £31.5mln in the first half of its financial year, which equates to a 12% rise at constant currencies.

Meanwhile, TyraTech (LON:TYR) is to launch a new line of non-toxic animal health biocide products this year.

The PureScience-branded products will initially be aimed at poultry producers and be distributed in the US by MWI Animal Health (NASDAQ:ABC).

Lastly, there have been a few changes in the board rooms announced today.

Ed Winter is to step down as chief executive of Africa –focused airline fastjet (LON:FJET) after four years in charge.

Over the period, the airline, which is backed by easyjet founder Sir Stelios Haji-Ioannou, has progressed from a low cost start-up to operating flights between a number of African countries.

Epistem Holdings (LON:EHP), developer of the Genedrive hand-held diagnostic device, has appointed a replacement for Matthew Walls who left as chief executive last year.

He is 48-year-old David Budd, who has more than two decades experience in the area of diagnostics and medical devices. 

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